Hidden Danger That Could Affect Your Mortgage Application

Performance Property Real Estate Question

Q: Gerald, Since I’m planning to buy a home, I took your advice and got copies of my credit report from all three credit reporting agencies and went through them to look for mistakes that may hurt my mortgage application. Is there anything else that could affect my mortgage application? Glen, Bristol, PA.

A: In addition to verifying the accuracy of what’s in your credit reports, you should also take a look at the CLUE report on the home that you want to by. CLUE stands for Comprehensive Loss Underwriting Exchange and it’s a database that insurance companies use to evaluate risk and to decide premium rates. And, if there’s a CLUE report on the home you want to buy, it could potentially affect your mortgage application. But, like with credit reports, CLUE reports are free and like with credit reports, there is a process for fixing errors. So, to protect yourself, ask for a CLUE report on the home that you want to buy before you submit your purchase offer.

Thanks for your question, Glen. Good luck!

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Berkis Castro | Clifton, New Jersey

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“Finally the bank called me and said that my loan modification was approved! I thank you so much for your help it really meant a lot to me...I really appreciate you. Thank you Thank you Thank you”

Camille Perry | Newark, New Jersey

“Hey Gerald wanted to give you a heads up that they offered me a loan modification. Thanks for all your help!"

Robert Evans | North Arlington, New Jersey

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Carol Cunningham| West Orange, New Jersey

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Iradys Rivero| North Bergen, New Jersey

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Deborah Dowe| Plainfield, New Jersey

“I want to thank you for helping me to get the courage to work on this problem because I didn't want to face it. Your help with the phone call to the mortgage company & other assistance was so appreciated. Thank you so much."

Evelyn Rudnicki | Rochelle Park, New Jersey

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Jimmy Armstead | Roselle, New Jersey

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Virgilio Rodriguez | Paterson, New Jersey

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Jim Armstead | Roselle, New Jersey

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Amoy Frost | South Orange, NJ

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David Brown | Rahway, New Jersey

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